At 19.3% CAGR, South & Central America Real-Time Location Systems Market is Projected to be worth US$ 1,265.77 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America real-time location systems market was valued at US$ 307.73 million in 2023 and is expected to reach US$ 1,265.77 million by 2031, registering a CAGR of 19.3% from 2023 to 2031. Growing use of RTLS in the healthcare sector and growing e-commerce sector are among the critical factors attributed to driving the South & Central America real-time location systems market growth.

In the healthcare sector, RTLS is used to maintain patient safety and provide great experience and satisfaction. The technology can assist in tracking patient flow for throughput management, which can further help to recognize and address bottlenecks. It can also help to find solutions for the problems such as long waiting times; overcrowding in emergency rooms, outpatient clinics, and post-anesthesia care units; delay or rescheduling of surgeries; and shortage of beds for patients. RTLS technology is used in everyday operations or emergencies at hospitals to locate hospital assets such as beds, equipment, wheelchairs, and others quickly and reliably. In emergencies and when the hospital is nearing capacity, RTLS can help notify the availability of a bed when a patient is discharged. Through this, hospitals can achieve up to 50% faster bed turnover times. In addition, the technology can assist in keeping track of medical devices such as IV pumps, ICU ventilators, and defibrillators to ensure their availability when needed, thus can help to save the life of critical patients. Furthermore, by using RTLS, patients or staff members can be tracked. For instance, patients suffering from mental distress who must be watched closely can be easily tracked through RTLS technology if they wander away from their treatment area or into other parts of the facility. The RTLS-embedded solution will send an alert whenever patients cross a virtual boundary into an unauthorized area. It can provide a high level of security to patients and reduce the time of staff members, which should be devoted to directly monitoring these patients. As the RTLS technology can help track assets and patients, its demand is expected to increase in the healthcare sector during the forecast period.

On the contrary, rising concerns regarding data privacy and security hamper the growth of South & Central America real-time location systems market .

By offerings, the South & Central America real-time location systems market is divided into hardware, software, and services. The hardware segment held a 67.4% share of South & Central America real-time location systems market share in 2023, amassing US$ 207.44 million. It is projected to garner US$ 847.85 million by 2031 to register 19.2% CAGR during 2023–2031.

In terms of technology, the South & Central America real-time location systems market is segmented into RFID, UWB, BLE, ultrasound, infrared, GPS, Wi-Fi, and ZIGBEE. The BLE segment held a 28.6% share of South & Central America real-time location systems market share in 2023, amassing US$ 87.93 million. It is projected to garner US$ 326.41 million by 2031 to register 17.8% CAGR during 2023–2031.

Based on industry vertical, the South & Central America real-time location systems market is segmented into retail, government and defense, manufacturing, healthcare, logistics, heavy industries, construction, oil and gas, automotive, and others. The healthcare segment held 16.6% share of South & Central America real-time location systems market share in 2023, amassing US$ 51.06 million. It is projected to garner US$ 248.90 million by 2031 to register 21.9% CAGR during 2023–2031.

By application, the South & Central America real-time location systems market is divided into personnel or staff locating and monitoring, environmental monitoring, access control and security, warehouse management and monitoring, supply chain management and operation automation or visibility, and others. The supply chain management and operation automation or visibility segment held 28.1% share of South & Central America real-time location systems market share in 2023, amassing US$ 86.51 million. It is projected to garner US$ 346.12 million by 2031 to register 18.9% CAGR during 2023–2031.

Based on country, the South & Central America real-time location systems market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 53.2% share of South & Central America real-time location systems market in 2023. It was assessed at US$ 163.81 million in 2023 and is likely to hit US$ 764.83 million by 2031, registering a CAGR of 21.2% during 2023–2031.

Key players operating in the South & Central America real-time location systems market are AiRISTA Flow Inc, Aruba Networks, Impinj Inc, Kudan Inc, Microsoft Corp, NavVis GmbH, Qorvo Inc, Sevensense Robotics AG, Siemens AG, Slamcore Ltd, Sonitor Technologies AS, Stanley Black & Decker Inc, TeleTracking Technologies Inc, Ubisense Ltd, and Zebra Technologies Corp, among others.

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